When I worked at Porsche of Fairfield, Some IDIOT brought a 993 twin in with the oil light "turning on and off" as stated in the RO. Im thinking its a bad pressure switch as someone who spent $100,000 on a car would at least check the oil......NOPE! The car was 8 quarts low. I saw the car for another 10K miles before I quit working there and it ran fine. The moral of the story is yes the car lived, however I would not want to see his rod/crank bearings or see the results of a leakdown test. You could get away with 2- 2 1/2 quarts low, just be carfull and fill it up as soon as you catch wind of it.
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Kris @ Tech9
86' 930/GT-40R Sold 
94' Rustang GT daily (long gone)
2008 C6/Z51 Corvette
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